The Central Bank of Nigeria (CBN) has officially granted a state license to Alert Microfinance Bank, empowering it to expand and innovate to better serve micro, small, and medium-sized enterprises, as well as the wider public.
Expressing their enthusiasm about the new license, Alert MFB revealed plans to onboard one million customers within the next four years.
To realize this goal, the bank has introduced the Alert Mobile App and the innovative Kolo Ajo Savings Product.
These initiatives are part of the bank’s strategy to compete in a market currently dominated by players like Opay, backed by Blueridge Microfinance Bank, Moniepoint, and Palmpay.
In a statement, Alert MFB outlined its ambitious objectives, which include collaborating with partners to bring in one million customers over the next four years, expanding into 10 new cities across Lagos, making significant investments in its workforce and their compensation, and engaging seasoned professionals to support its aim of reaching N200 billion in total assets within the next five years.
Highlighting the bank’s achievements, Olanrewaju Kazeem, the Group CEO of Alert Group, pointed out that Alert MFB’s shareholders’ funds have surpassed N1.5 billion, and its current balance sheet exceeds N11 billion.
He emphasized the organization’s commitment to ensuring secure access and efficient management of funds for seamless transactions.
